Barclays has appointed JP Morgan’s chief financial officer Tushar Morzaria as its group finance director (release).
Morzaria will be paid an annual salary of £800,000 with an annual incentive award up to a maximum of 250 per cent of his salary. He will also be eligible to be considered for long-term incentives worth up to 400 per cent of his salary. Any deferred or long term awards he would have received from JP Morgan but forfeited as a result of his move will be reimbursed. He will also be eligible for a cash allowance in lieu of his pension worth 25 per cent of his salary.
The new finance director will begin work in autumn of 2013, joining the executive committee and reporting to chief executive Antony Jenkins. He will then join the board as an executive director with effect from 1 January 2014.
Morzaria will replace Chris Lucas, who will remain on the board as group finance director and a member of the executive committee until he retires on 28 February 2014 to assist with the handover.
Tushar Morzaria qualified as a chartered accountant in the UK in 1993 before moving into banking. He has spent most of his career at JP Morgan in both London and New York. Born in Uganda, he moved to the UK in 1971, and is now married with two children.
Commenting on the appointment, Jenkins said:
I am delighted to welcome Tushar to Barclays. He is an accomplished professional with first class strategic financial management experience built up over 20 years, including the last four as a key leader in JP Morgan Chase’s Corporate and Investment Bank. He will bring a welcome new perspective to what is a pivotal role, and I am very much looking forward to working with him as we transform Barclays into the ‘Go-To’ bank.
I want to note our huge gratitude to Chris Lucas for his dedicated service to Barclays, and thank him particularly for his role in ensuring that our business has remained financially strong during the financial crisis and since. It is a typical mark of his commitment and professionalism that he has agreed to stay on as Group Finance Director until the end of February to complete this reporting cycle and support Tushar as he learns about the business.
I am looking forward to returning to the UK to lead Barclays’ finance function. The work which Antony, together with the Executive Committee and the Board, have done over the last nine months has really begun the process of restoring trust in Barclays. I am excited at the opportunity to be part of the leadership team which will deliver on the promised change in performance and culture.